Headline
▌BTC breaks $99,000
Market data shows BTC has breached $99,000, currently quoted at $99,004, with a 24-hour increase of 0.43%. The market is highly volatile, please manage risk appropriately.
▌Opinion: Quantum computing may crack lost Bitcoins, challenging the scarcity narrative
The advancement of quantum computing technology may redefine the traditional notion that 'lost coins' in Bitcoin are irretrievable. The article points out that some early-generated and long-abandoned wallets (such as Satoshi Nakamoto's wallet) may face risks due to quantum computing breakthroughs in old encryption technologies, as their owners cannot migrate the keys to a more secure encryption algorithm. This could lead to some Bitcoins, previously considered permanently lost, being re-circulated, thereby changing the scarcity narrative. Although Bitcoin developers can protect active wallets through protocol upgrades, the network's adaptability is sufficient to meet the challenges of the quantum era, old wallets might become more vulnerable to future attacks, posing new tests for the security of the Bitcoin network.
Market
As of publication, according to Coingecko data:
The recent transaction price of BTC is $99,827.48, with a daily fluctuation of +1.3%;
The recent transaction price of ETH is $3,510.85, with a daily fluctuation of +0.7%;
The recent transaction price of BNB is $704.62, with a daily fluctuation of +0.1%;
The recent transaction price of SOL is $198.70, with a daily fluctuation of +1.0%;
The recent transaction price of DOGE is 0.3375 yuan, with a daily fluctuation of +0.4%;
The recent transaction price of XPR is $2.31, with a daily fluctuation of -0.1%.
Policy
▌Opinion: Trump's Bitcoin reserve plan may become a watershed moment for the cryptocurrency market
Trump publicly supports the Bitcoin reserve plan, pushing the U.S. government to accumulate Bitcoin as a strategic asset. This plan has garnered support from political figures including Porter and Loomis, and has attracted bipartisan attention. Trump's endorsement has given political momentum to this previously marginalized concept, marking a watershed moment for the cryptocurrency market. California Democratic Congressman and Wyoming Republican Senator proposed including Bitcoin in U.S. reserve assets, partially relying on the U.S. gold reserve. However, critics argue this could reinforce U.S. financial dominance and challenge the decentralization principle of Bitcoin. Nevertheless, supporters believe this initiative could help address the debt crisis and promote global financial innovation.
▌Hashgraph Group obtains fund management license in Abu Dhabi, will launch a $100 million Web3 fund
Switzerland-based Hashgraph Group has obtained a fund management license from the Abu Dhabi Global Market (ADGM). The license acquired by Hashgraph Group's Hashgraph Ventures Manager allows it to launch a $100 million Web3 venture capital fund from the Abu Dhabi Global Market (ADGM).
Hashgraph Group will invest $20 million, which is 20% of the fund, as seed capital. The fund will focus on investing in startups and established companies within the Hedera ecosystem. The fund will prioritize strategic investments in Web3 and deep tech sectors (developing artificial intelligence (AI), blockchain, robotics, and quantum computing solutions). Eligible projects will have the opportunity to participate in the Hashgraph association's startup studio program.
Blockchain applications
▌Agridex on the Solana chain completes its first coffee transaction, potentially driving a wave of agricultural asset tokenization
The Agridex platform on the Solana chain completed its first coffee transaction, with British brand Tiki Tonga exporting coffee to South Africa, settling payments in South African Rand for British Pounds, with a transaction fee of only 0.5%, lower than the traditional 5% to 7% cross-border fees. Agridex also supports instant settlement for various agricultural products, including livestock, wine, and olive oil.
Cryptocurrency
▌Pump Science: The design of token economics has been completed
Pump Science posted on platform X stating that the design of token economics has been completed, including: 5% of the supply of tokens to be issued in the future will be allocated to previous token holders (at the time of migration); those currently holding more PS tokens (RIF, URO) will be eligible for new tokens in the future; this situation will continue as long as new products are launched (forever).
Additionally, Pump Science announced that BIO Protocol will airdrop BIO to holders of URO and RIF, awaiting governance approval to connect BIO to Solana, with more airdrops being considered.
▌Analysis: Bitcoin derivatives data suggest prices may break through $105,000
According to analysis from Cointelegraph, Bitcoin has recently risen by 6.5%, surpassing $98,000, but has failed to break through key resistance levels. Derivatives market data shows that Bitcoin maintains a neutral to bullish stance, indicating that price volatility has not significantly affected market sentiment. This supports the likelihood of Bitcoin continuing to rise above $105,000.
▌Report: Recent months have seen a rapid growth in cryptocurrency OTC trading volume, with election results becoming a significant driving force
Several cryptocurrency trading companies have recently reported a rapid increase in OTC trading volumes in recent months, with election results serving as a significant driving force. Tim Ogilvie, head of institutional business at Kraken exchange, stated, 'OTC trading is currently exceptionally active, with trading volumes surging alongside price increases.' He revealed that Kraken's OTC trading volume has increased by 220% year-on-year, with other trading companies reporting similar growth.
Jake Ostrovskis, an OTC trader at market maker Wintermute, noted that the market was relatively calm mid-year, but with the approaching elections, prices are rising, and market participants are becoming active in preparing for the election outcomes. Similarly, Embert Lin, a trader at market maker GSR, stated that trading volume has significantly increased since the elections. With the rise in prices of Bitcoin, Ethereum, and altcoins, projects and investors are increasingly proactive in managing funds and risks at these price levels while looking for new opportunities beyond BTC and ETH.
A trader from an OTC trading company privately disclosed that recent trading volumes have easily reached levels seen during the peak of the cryptocurrency market's popularity in 2021. Additionally, Brett Reeves, head of Go Network at cryptocurrency custodian BitGo, noted that election results are the main driver of the recent surge in trading volumes, with two-thirds of the trading volume being generated in the three months following the announcement of the election results.
▌An Ethereum ICO whale deposited 4,160 ETH to Kraken three hours ago, approximately $14.5 million
According to Spot On Chain monitoring, three hours ago, an Ethereum ICO whale deposited 4,160 ETH (approximately $14.5 million) to Kraken. Notably, this whale obtained 20,000 ETH from the genesis block in July 2015 (then worth $6,200), staked it for rewards, and frequently sold during peaks, currently still holding about 7,043 ETH (approximately $24.6 million).
Important economic dynamics
▌U.S. media: Democrats dislike Trump, but they are looking forward to Biden's departure
According to The Hill, U.S. President Biden is preparing to quietly leave the White House. His public appearances post-election have barely caught media attention. In contrast, Trump has dominated public attention even before his second inauguration. Republicans say Biden's absence during significant moments was expected. However, Democrats have not taken any actions to support their leader, instead expressing anticipation for Biden's departure, even if they do not favor his successor. Some Democrats say they do not mind Trump stealing the spotlight in the last month, noting that his behavior has not been inappropriate and appears more restrained than eight years ago. Some insiders say Biden's decision to pardon his son has left Democrats feeling 'disgusted' and 'thoroughly' irritated with the 'whole Biden world.' This sentiment has been prevalent among many Democrats, who believe Biden should opt not to run for re-election or withdraw from the 2024 race sooner. Former Democratic National Committee official Ivan Zapien stated, 'Losing is no fun... I wouldn't say it's Biden fatigue; it feels more like a 'well, that's too bad, let's prepare for the next (election).'
▌The probability of the Federal Reserve maintaining interest rates at the same level in January next year is 91.4%
According to CME's 'FedWatch', the probability of the Federal Reserve maintaining interest rates at the same level in January next year is 91.4%, while the probability of a 25 basis point rate cut is 8.6%. The probability of maintaining current rates in March next year is 52.1%, while the cumulative probability of a 25 basis point rate cut is 44.2%, and the cumulative probability of a 50 basis point rate cut is 3.7%.
Jinse Encyclopedia
▌What is Ripple Labs' RLUSD stablecoin?
RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for transactions and trades. As a stablecoin pegged to the U.S. dollar, 1 RLUSD is equivalent to 1 dollar. Each RLUSD maintains a 1:1 peg. These collateral assets are either U.S. dollar deposits or cash equivalents.
Disclaimer: Jinse Finance, as a blockchain information platform, provides the content of its articles for informational reference only and does not constitute actual investment advice. Everyone is encouraged to establish a correct investment philosophy and to enhance their risk awareness.
